In December, 16.73 billion transactions of 23.25 lakh crore were recorded through the Unified Payments Interface (UPI), representing a 7.88% increase in value and an 8% increase in volume over November.

According to data supplied by NPCI (The National Payments Corporation of India), this represents a 28% increase in value and a 39% year-over-year (YoY) gain in volume.

In December, there were an average of 540 million transactions per day, totaling 74,990 crore in daily transaction value. With a daily transaction value of 71,840 crore, the average number of transactions in November was 516 million. Beginning in October 2024, when UPI handled 16.58 billion transactions totaling 23.50 lakh crore, this rising trend persisted.

With a nearly 48% transaction volume share, PhonePe now dominates the UPI industry. Google Pay comes in second with 37% and Paytm with 7%. Since NPCI has prolonged the compliance period for Third Party App Providers (TPAPs) that surpass the UPI volume cap, the market share is unlikely to alter. The deadline has been extended to December 31, 2026, a two-year extension.

In the meantime, NPCI has removed the WhatsApp Pay user onboarding cap, enabling the app to offer UPI services to all of its users nationwide.

Seven nations, including Bhutan, Mauritius, Nepal, Singapore, Sri Lanka, and France, currently allow UPI payments. Media sources state that NPCI is attempting to extend its services to Thailand, Qatar, and the larger Southeast Asian market.

Recently, BharatPe App, India’s rapidly growing UPI payment service, has announced the launch of ‘Shield’, a comprehensive fraud protection plan aimed at safeguarding digital UPI transactions. Designed to provide users with a secure and worry-free payment experience, BharatPe Shield offers robust coverage and seamless support against digital fraud.